Fort Smith, Van Buren home prices increase

Average and median prices of new and existing homes in the Fort Smith/Van Buren markets increased 3.49% and 4.94%, respectively, between Jan. 5 and May 18, according to figures from the Arkansas Realtors Association.

Another piece of relatively good news for the regional housing market is that home inventories remain stable, declining 1% between Jan. 5 and May 18. The slight decline reflects supply and demand stability in the regional market.

Figures from the ARA show the following:
Fort Smith/Van Buren real estate markets
• Average list price of new and existing homes
18 MAY: $193,785
5 JAN: $187,232

• Median list price of new and existing homes
18 MAY: $154,164
5 JAN: $146,900

• Inventory of new and existing homes
18 MAY: 1,012
5 JAN: 1,023

Although not as volatile as other Arkansas metro markets, the regional housing market is in a tough spot. There were 350 homes sold in the first quarter of 2009 in Crawford, Franklin and Sebastian counties, down 22.2% from the 450 sold in the same period of 2008, according to the Arkansas Realtors Association. The combined value of the homes sold in the first quarter of 2009 in the three regional counties was $42.33 million, down 22.8% from the same period in 2008.